Home > Animal Health & Nutrition > Veterinary Services > Pet Insurance Market
Pet Insurance Market Size
- Report ID: GMI4284
- Published Date: Apr 2024
- Report Format: PDF
Pet Insurance Market Size
Pet Insurance Market was valued at USD 9.6 billion in 2023 and is expected to grow at a CAGR of 6.4% over the analysis period. The rise in companion animal population is anticipated to increase the demand for veterinary healthcare facilities. Veterinary services are capital intensive and require veterinary doctors, specially designed diagnostic equipment and skilled technicians.
For instance, according to a report published by Forbes Advisor, in 2022, Americans spent $136.8 billion on their pets, up nearly 11% from 2021 ($123.6 billion). Essential dog expenses cost an average of $1,533 annually. Therefore, the rising veterinary cost will attract more pet owners to opt for policies for various diseases treatment such as companion animal ear infection treatment, accidents and illnesses that will spur the market growth of pet insurance.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Pet Insurance Market Size in 2023: | USD 9.6 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 6.4% |
| 2024 – 2032 Value Projection: | USD 17.1 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 132 |
| Tables, Charts & Figures: | 217 |
| Segments covered: | Policy Coverage, Animal, Insurance Provider, and Region |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Pet insurance is defined as an insurance that can be paid partly or totally for the veterinary treatment of the insured pet. Pet insurance services involve policy coverage for pet accidents, injuries and for pet illnesses. Also, various pet insurance providers are offering innovative insurance coverage policies for multiple pets to attract large customer base.
Frequently Asked Questions (FAQ) :
Pet Insurance Market Scope
